Employee Benefits – TaxMama.com: Recent Episodes
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This month, the IRS is catching up on procedures, alerts and announcements. We are getting several announcements each day. TaxMama summarizes it for you.
The post The IRS is Pumping Out Information first appeared on TaxMama.
Today TaxMama® wants to give you something to think about before switching from employee status to independent contractor. Dear Friends and Family, As far as individual taxpayers, the biggest losers under the Tax Cuts and Jobs Act are employees who have unreimbursed out-of-pocket expenses. You won’t be able to deduct them [...]
The post Switching from Employee Status to Independent Contractor first appeared on TaxMama.
Today TaxMama® hears from Larry in the TaxQuips Forum with a quick question. “If an employee pays for his family’s health insurance through payroll withholding, is the amount he pays free from taxes? My clients paid $6,000 in 2012 through payroll withholding and his W-2 gross income in block 1 (and blocks 3 & 5) [...]
The post Health Insurance Zinger first appeared on TaxMama.
Today TaxMama® hears from Debra in the TaxQuips Forum with this common issue. “I work part-time as a bookkeeper for various clients after my full-time job. I report this income on Schedule C. My husband is retired and pays for his own individual medical plan, himself. We file as married jointly. Do his insurance premiums [...]
The post Husband’s Health Insurance first appeared on TaxMama.
Courtesy of the Internal Revenue Service If you adopted a child last year and requested an extension of time to file your 2011 taxes, you may be able to claim the expanded adoption credit on your federal tax return. The Affordable Care Act temporarily increased the amount of the credit and made it refundable, which [...]
The post Expanded Adoption Tax Credit Still Available for Extension Filers first appeared on TaxMama.
Today TaxMama® hears from Ann in the TaxQuips Forum, who has a very enthusiastic staff. To make a long story short: “Ann just converted her 25-year business to an S Corp. Her staff did the research and found a terrific health insurance policy. They want Ann to set up a flexible spending account so they [...]
The post Staff Wants Health Benefits first appeared on TaxMama.
Today TaxMama hears from Ann in the Tax Quips Forum, with a reasonable question. “A woman pays her 13 & 15 year-old children to do office copying, collating, help distribute flyers, and help put on story plays for their author parent. If she were to hire an outside service, she would pay considerably more money [...]
The post Hiring Your Children first appeared on TaxMama.
Today TaxMama hears from Rick in the Tax Quips Forum with set of questions. “I have a tax question about my company stock purchase plan. I elected to contribute ($5,000) to the plan last year and it runs from Oct 1, 2010 till Oct 1, 2011. The benefit of the plan is that I receive [...]
The post Employee Stock Purchase Plan first appeared on TaxMama.
Courtesy of IRS If you are adopting a child in 2011, the Internal Revenue Service encourages you to familiarize yourself with the adoption tax credit. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. Here are six things to know [...]
The post Six Things to Know About the Expanded Adoption Tax Credit first appeared on TaxMama.
Today TaxMama hears from Doug in the TaxQuips Forum who is arguing with his work buddies. “We are a group of field technicians that work entirely out of our home and have no local office to report to. We drive directly from our home to a customer site, and the visit usually is completed that [...]
The post Double Reimbursement first appeared on TaxMama.